The Nigerian naira recorded a marginal decline against the US dollar at the official foreign exchange market on Thursday, September 17, closing at N1,331.28 per dollar.
Data reported by Business Post Nigeria showed that the naira weakened by N1.42, or 0.11 per cent, from the previous session’s rate of N1,329.86/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Despite the movement against the dollar, the naira recorded gains against both the British pound and the euro during the same trading session. The currency appreciated by N8.87 against the pound to close at N1,780.32/£, compared with N1,789.19/£ previously.
Against the euro, the naira strengthened by N4.75, closing at N1,529.51/€ compared with N1,534.26/€ in the preceding session.
In the parallel market, the naira was reported to have remained unchanged at around N1,370/$, while the GTBank forex counter quoted the dollar at N1,336.
The latest movement comes amid continued efforts to maintain stability in Nigeria’s foreign exchange market. Reuters reported earlier that traders expect the naira to remain broadly stable in the near term, citing central bank dollar sales and relatively subdued import demand as factors supporting the currency.
The exchange-rate movement remains closely watched by businesses and consumers because changes in the value of the naira can affect the cost of imported goods, production inputs, travel and other dollar-linked transactions.
